GM records its highest profit ever: $7.6 billion

GM records its highest profit ever: $7.6 billion

February 16th, 2012 by Associated Press in Local - Breaking News

General Motors Co. world headquarters in Detroit. GM.

Photo by Associated Press/Times Free Press.

DETROIT - General Motors earned its highest profit ever last year.

The 103-year-old company made $7.6 billion in 2011, up 62 percent from 2010.

Full-year revenue rose 11 percent to $105 billion.

North America led the way with a $7.2 billion pretax profit. But problems surfaced that could hurt future earnings. GM lost $700 million before taxes in Europe, and lost $100 million in South America.

GM'S fourth-quarter profit was flat with 2010. GM earned $500 million, or 28 cents per share. Revenue rose 3 percent to $38 billion. Before one-time items, GM earned 40 cents per share

Analysts expected earnings of 42 cents on revenue of $37.9 billion.

The company says union workers will get $7,000 profit-sharing checks.